NEW YORK ( TheStreet) -- Interactive Brokers ( IBKR - Get Report)' planned purchase of MF Global ( MF), widely anticipated by the market Monday morning fell apart, according to a report by The Wall Street Journal Monday.

Shares of Interactive Brokers, which were 5% higher in early trades on hopes of a deal, erased those gains following the report.

MF Global filed for bankruptcy protection Monday following massive losses on $6 billion in holdings of European debt. The company's shares were halted Monday morning and MF Global traders were barred from doing most business on the Intercontinental Exchange ( ICE - Get Report)and CME Group ( CME - Get Report) NYMex, according to CNBC.

-- Written by Dan Freed in New York.

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